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- Short-term European paper (STEP) is a short-term financing instrument and investment tool, and also a tool for the European Union to align the market standards and practices to promote the integration of the European market. The EU has accepted the STEP market as a non-regulated market due to collateral purposes; meanwhile, this will not influence the existing national and European legislative, regulatory and supervisory systems. As a short-term financial instrument, Short-Term European Paper could be issued by Treasury, banks, funds and so on, with a minimum amount of EUR 100,000. It is normally issued at a discount price, which is lower than face value, and matured within a year. The market size for STEP is relatively large compared to some other types of commercial paper, measured based on the data of the amount of paper outstanding from 2018 to 2019 given by either treasuries or central banks. These entities report specific numbers on outstanding papers regularly. Short-Term European Paper is a type of commercial or other short-term paper and bonds, they have very similar risks, such as inflation risk, credit risk, interest rate risk, currency risk and so on. The most popular one is credit risk, referring to default risk as well, which states that the issuers will probably default on the short-term paper and investors bear the losses. Furthermore, short-term paper is very similar to bonds in their nature. This is because the buyers of both the short-term paper and bonds are lending their money to the sellers in nature. The only difference is that the time to maturity of short-term paper is much shorter than that of bonds, normally it matures within nine months. (en)
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- Commercial paper is similar to short-term paper, they are all financial and investment tool with similar time to maturity (en)
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- Short-term European paper (STEP) is a short-term financing instrument and investment tool, and also a tool for the European Union to align the market standards and practices to promote the integration of the European market. The EU has accepted the STEP market as a non-regulated market due to collateral purposes; meanwhile, this will not influence the existing national and European legislative, regulatory and supervisory systems. As a short-term financial instrument, Short-Term European Paper could be issued by Treasury, banks, funds and so on, with a minimum amount of EUR 100,000. It is normally issued at a discount price, which is lower than face value, and matured within a year. (en)
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- Short Term European Paper (en)
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